Cosco Wins $200M Deal to Build Accommodation Vessel

Cosco Corporation (Singapore) Limited announced that Cosco (Nantong) Shipyard Co. Ltd. - a subsidiary of the Company’s 51 percent owned subsidiary Cosco Shipyard Group Co. Ltd. - has bagged a contract worth over $200 million from a Mexican incorporated company COTEMAR S.A. De C.V. to build a harsh environment semisubmersible accommodation vessel.

The vessel, which will be built to GustoMSC Ocean500 design, will have a Dynamic Positioning 3 system and have a capacity of 750 Persons on Board. The accommodation vessel is equipped to operate in the Santos Basin, Gulf of Mexico and in the North Sea.

"COTEMAR S.A. De C.V. has now exercised the first option unit awarded by Cosco. COTEMAR S.A. De C.V., was awarded altogether two options units in March 2012 when the 1st unit hull were contracted," Cosco said in a press release.

The vessel is scheduled for delivery in 24 months time.

Last month, a Singapore entity awarded Cosco contracts, valued at over $170 million each, to convert two semi-completed hulls to high-end floating accommodation units.

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